IndianOil Kotak Credit Card – Benefits, Fees & Eligibility

IndianOil Kotak Credit Card

Introduction

The IndianOil Kotak Credit Card is a co-branded fuel credit card launched by Kotak Mahindra Bank and IndianOil, designed for individuals seeking significant savings on fuel expenditures and other daily spends. This entry-level card is ideal for those new to credit and offers a rewarding experience, particularly for frequent travelers who prefer IndianOil petrol pumps. Cardholders can explore more rewards with every trip, benefiting from savings of up to 5% on IndianOil fuel, 2% back on dining and grocery, and 0.5% on other retail spends. The card also provides a welcome benefit of 1000 Reward Points and can potentially help users save up to 60 liters of free fuel annually.

Welcome Benefits

• Receive 1000 Reward Points as a welcome benefit upon spending INR 500 or more within 30 days of card issuance.
• This welcome benefit is applicable only on credit cards with a Joining Fee and requires a single transaction of INR 500 or above to be eligible.
• The benefit will be credited within 3 months of completing the qualifying transaction.
• The value of the welcome benefit is estimated at INR 250 (assuming 1 Reward Point = INR 0.25).

Fees

• Joining Fee: ₹449 + GST
• Annual Fees: ₹449 + GST
• Spend-Based Waiver: The annual fee of ₹449 is waived on spending ₹50,000 or more in the previous anniversary year.
• Rewards Redemption Fee: Nil
• Interest Charges on outstanding Balances: 3.75% per month (Annualized @ 45%), effective from 1st June 2025.
• Add On Card Fees: NIL
• Minimum Amount Due (MAD): Calculated as 1% of Total Amount Due (TAD), effective from 1st June 2025.
• ATM Cash Withdrawal/ Call a draft/ Fund Transfer/ Cash Advance: 2.5% on the advance amount, subject to a minimum of ₹500, effective from 1st June 2025.
• Late Payment Charges ("LPC"):
  • Due <=₹100: ₹0
  • Due >₹100 - ₹500: ₹100
  • Due >₹500 - ₹5,000: ₹500
  • Due >₹5,000 - ₹10,000: ₹600
  • Due >₹10,000 - ₹25,000: ₹800
  • Due >₹25,000 - ₹50,000: ₹1,000
  • Due Above ₹50,000: ₹1,200
• Over Limit Charge: ₹500
• Cheque Bounce Charges: 2.0% on the bounce amount, subject to a minimum of ₹500.
• Foreign Currency Mark Up: 3.5%
• Fee for Cash payment at Bank: ₹100
• Reissue/ Replacement Card (per issuance): ₹100
• Railway Booking Surcharge: As Applicable (1.8%/2.5% on transaction amount).
• Fee on Wallet Loading: Effective 1st June 2025, 1% fee on cumulative wallet loading spends exceeding ₹10,000 per statement cycle.
• Credit Limit Increase Processing Fees: ₹100 as applicable.
• Fee on Online Skill-Based Gaming: Effective 1st June 2025, 1% fee on cumulative online skill-based gaming spends exceeding ₹10,000 per statement cycle.
• Fee on Education Payment: Effective 1st June 2025, 1% transaction fee will be applicable on all education payments made via third-party apps.
• Fee on Utility Spends: Effective 1st June 2025, 1% fee on cumulative utility spends exceeding ₹35,000 per statement cycle.
• Fee on Rent Payments: Effective 1st June 2025, 1% fee on transaction amount.
• Taxes: GST/Applicable taxes would be charged as per the rates approved in the Finance Act each year on all interest & fees and other charges levied on the Credit Card.

Rewards

• IndianOil Fuel Spends:
  • Save 5% (calculated as 4% back in Reward Points and 1% Fuel Surcharge waiver).
  • Earn 24 Reward Points on every INR 150 spent on fuel at IndianOil outlets.
  • Capped at 1200 Reward Points per statement cycle.
  • This feature is not applicable on UPI transactions.
• Grocery and Dining Spends:
  • Earn 2% back as Reward Points.
  • Get 12 Reward Points on every INR 150 spent on dining and groceries.
  • Capped at 800 Reward Points per statement cycle.
  • Valid only on select merchant categories: 5812, 5814, 5813, 5411, 5311, 5399, 5422, 5451, 5499 & 5441.
• Other Spends:
  • Earn 0.5% back as Reward Points.
  • Get 3 Reward Points on every INR 150 spent on all other transactions.
  • No maximum monthly capping on these reward points.
• UPI on Credit Card Transactions:
  • Accrue 0.5% Reward Points on every INR 150 spent, across all spend categories.
• Fuel Surcharge Waiver:
  • Enjoy a 1% fuel surcharge waiver on transactions between INR 100 to INR 5000 at IndianOil outlets.
  • Maximum fuel surcharge waiver of INR 100 per statement cycle.
• Add-on Card Benefits:
  • Get a free Add-on card with all the benefits of the primary credit card.
  • You can set a desired spend limit for your Add-on Card.
  • Track spends separately for each Add-on Card.
• Concierge Services (Rupay Variant Only):
  • Avail personal concierge and assistance for gift delivery, restaurant bookings, flower delivery, car rental, limousine reservation, movie ticket booking, golf reservations, and much more.
  • Contact 1800-26-78729 for these services.
• Insurance:
  • Receive an insurance cover worth INR 2 Lakhs for personal accidents.
• Contactless Payment:
  • With Rupay Contactless technology, you can make transactions up to INR 5,000 without entering your PIN.

Rewards Redemption Guide

• Kotak Rewards Portal:
  • Redeem your accrued reward points at 25p/point against an exclusive catalogue of benefits on kotakrewards.com.
  • Choose from various categories including merchandise, e-vouchers of latest brands, movie vouchers, travel, and mobile recharge.
• Cashback Redemption:
  • Contact Kotak Customer Care at 18602662666 to request redemption.
  • Accrued reward points can be redeemed at 20p/point as cashback.
  • A minimum of 2000 points is required to avail this redemption facility.
  • The request will be processed within 2 working days, and a confirmation will be sent to your registered contact details.
• IndianOil XTRAREWARDS Points Conversion:
  • You can convert your reward points into IndianOil XTRAREWARDS points.
  • Conversion is available only in multiples of 300 Reward Points through Net or Mobile Banking.
  • 300 Reward Points are equivalent to 250 XTRAREWARDS points.
  • 1 XTRAREWARD point is valued at INR 0.30 and can be used to pay for fuel at IndianOil outlets.

Card Eligibility Criteria

• Eligibility Rules:
  • Individuals must be a resident of India.
  • Applicants must be between 18 and 65 years of age.
  • Applicants must have a stable source of income.
• Documents Required:
  • ID Proof: PAN Card
  • Address Proof: Aadhar Card, Electricity/Water Bills, Ration Card, Passport, etc.
  • Income Proof: Latest salary slips, Form 16, latest bank statements, audited ITR.

Card Review

The IndianOil Kotak Credit Card is an excellent choice for individuals who frequently travel and refuel their vehicles, especially at IndianOil outlets. It's particularly well-suited for those new to credit seeking a fuel-centric card. The card offers a valuable welcome benefit and attractive accelerated reward points on fuel spends, dining, and groceries. While there are monthly capping limits on reward points for specific categories, the overall benefits, including a 1% fuel surcharge waiver, personal accident insurance cover of INR 2 Lakhs, and personal concierge services, often outweigh this drawback. The flexibility to redeem reward points as cashback, through the Kotak Rewards catalogue, or by converting them into IndianOil XTRAREWARDS points for free fuel further enhances its appeal. With the potential to earn up to 60 liters of free fuel annually, this card provides substantial value for its annual fee.

Important Product Details

• Fuel Savings: Save up to 5% on IndianOil fuel spends (4% as Reward Points + 1% Fuel Surcharge waiver).
• Accelerated Rewards:
  • 24 Reward Points on every INR 150 spent on IndianOil fuel (capped at 1200 RP/month).
  • 12 Reward Points on every INR 150 spent on dining and groceries (capped at 800 RP/month).
  • 3 Reward Points on every INR 150 spent on all other categories (no capping).
• Welcome Benefit: 1000 Reward Points on spending INR 500 within 30 days of card issuance (for cards with joining fee).
• Annual Fee Waiver: Annual fee of ₹449 is waived on annual spends of ₹50,000.
• Fuel Surcharge Waiver: 1% waiver on IndianOil fuel transactions between ₹100-₹5000, max ₹100 per statement cycle.
• Insurance Cover: Personal accident insurance worth ₹2 Lakhs.
• Add-on Card: Available for free with customizable spend limits.
• Concierge Services: Personal assistance available (Rupay variant only).
• Reward Redemption Options: Redeem as cashback (20p/point, min 2000 points), for products/vouchers on Kotak Rewards (25p/point), or convert to IndianOil XTRAREWARDS points (300 RP = 250 XTRAREWARDS points).
• Interest Rate: 3.75% per month (45% annualized) from June 1, 2025.
• Foreign Currency Markup: 3.5%.
• Additional Fees (effective June 1, 2025):
  • 1% fee on cumulative wallet loading spends exceeding ₹10,000 per statement cycle.
  • 1% fee on cumulative online skill-based gaming spends exceeding ₹10,000 per statement cycle.
  • 1% transaction fee on all education payments via third-party apps.
  • 1% fee on cumulative utility spends exceeding ₹35,000 per statement cycle.
  • 1% fee on rent payment transactions.
• Estimated Annual Value: Benefits worth ₹8,499 per annum on monthly spends of ₹30,000 (total annual spends ₹3,60,000), assuming 1 Reward Point = ₹0.25.

Other Details

• The card is a co-branded offering between Kotak Mahindra Bank and IndianOil Corporation Limited.
• The card leverages Rupay network benefits, including contactless payment technology for transactions up to ₹5,000 without a PIN.
• The Joining Fee, though charged initially, will be displayed as an Annual Fee on the monthly credit card statement, and subsequent annual fees will be levied as per the terms and conditions.
• Waiver of fees for credit cards linked to specific Kotak Bank Programs (like Privy League Black/Platinum/Neon, Private Banking, Corporate Salary program) is subject to maintaining the eligibility of the respective program. If program eligibility is not met or if the customer is degraded to a lower variant, programme-linked fee waivers will not be provided, and standard Joining/Annual fees will apply.